Panagora Asset Management Inc. Reduces Position in Ocular Therapeutix, Inc. $OCUL

Key Points

• Panagora Asset Management Inc. reduced its stake in Ocular Therapeutix by 49.3%, holding 222,004 shares after selling 215,733 shares in the first quarter.
• Ocular Therapeutix's stock has seen recent analyst upgrades, with Needham & Company raising its price target from $14.00 to $15.00, reflecting an average price target among analysts of $17.20.
• The company reported a loss of $0.39 EPS for the last quarter, missing the consensus estimate and experiencing a 17.7% revenue decline year-over-year.

Panagora Asset Management Inc. cut its holdings in Ocular Therapeutix, Inc. (NASDAQ:OCUL - Free Report) by 49.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 222,004 shares of the biopharmaceutical company's stock after selling 215,733 shares during the period. Panagora Asset Management Inc. owned approximately 0.14% of Ocular Therapeutix worth $1,627,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Point72 Asset Management L.P. grew its stake in Ocular Therapeutix by 43.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,935,924 shares of the biopharmaceutical company's stock valued at $25,073,000 after purchasing an additional 895,304 shares during the last quarter. Peregrine Capital Management LLC purchased a new stake in shares of Ocular Therapeutix during the first quarter worth approximately $6,212,000. Millennium Management LLC purchased a new stake in shares of Ocular Therapeutix during the fourth quarter worth approximately $3,819,000. Nuveen LLC purchased a new stake in Ocular Therapeutix in the 1st quarter valued at $3,035,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Ocular Therapeutix in the 1st quarter valued at $2,505,000. Hedge funds and other institutional investors own 59.21% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OCUL shares. Needham & Company LLC raised their target price on Ocular Therapeutix from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Scotiabank cut their target price on Ocular Therapeutix from $22.00 to $20.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, August 6th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $15.00 price objective on shares of Ocular Therapeutix in a report on Thursday, May 29th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Ocular Therapeutix has a consensus rating of "Buy" and an average price target of $17.20.

Insider Transactions at Ocular Therapeutix

In related news, insider Pravin Dugel sold 21,494 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $12.04, for a total value of $258,787.76. Following the sale, the insider directly owned 3,227,244 shares of the company's stock, valued at $38,856,017.76. This trade represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey S. Heier sold 3,063 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $12.04, for a total value of $36,878.52. Following the sale, the insider owned 259,911 shares in the company, valued at approximately $3,129,328.44. This represents a 1.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,519 shares of company stock valued at $367,865. Insiders own 2.30% of the company's stock.

Ocular Therapeutix Stock Performance

OCUL stock traded down $0.61 during mid-day trading on Monday, hitting $12.99. 1,209,996 shares of the company were exchanged, compared to its average volume of 1,837,485. The company has a current ratio of 10.10, a quick ratio of 10.02 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.26 billion, a PE ratio of -10.18 and a beta of 1.50. The business has a 50 day simple moving average of $11.68 and a 200-day simple moving average of $9.06. Ocular Therapeutix, Inc. has a 1-year low of $5.78 and a 1-year high of $13.85.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.04). The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.12 million. Ocular Therapeutix had a negative net margin of 382.51% and a negative return on equity of 71.92%. The company's revenue was down 17.7% compared to the same quarter last year. During the same period last year, the business earned ($0.26) EPS. On average, equities analysts forecast that Ocular Therapeutix, Inc. will post -0.98 earnings per share for the current year.

Ocular Therapeutix Profile

Ocular Therapeutix, Inc, a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis.